Posted on: 24-05-11 13:42:57
From the figures and numbers that you provided with, he may have a good life here in Canada if he somehow secures an IT job $75-85k to start with. Even, $60k is not bad initially. Considering he has a networth of a million dollar, he will be in a position to easily pay down a mortgage to his detached property here if he chose to own a house upon getting a job in his field.
As Infocan put it, 12 Lakh/annum CTC is not much in India after all the deductions. The questions to be asked is, what is his monthly Gross? What is the amount he gets in hand (Net salary) after all the deductions. I am sure Rs. 12 Lakh CTC will come to about Rs. 35k-50k per month, which is peanuts in a big city, such B'lore, Delhi, Mumbai, etc. Also, add an inflation of 12-15%, and you'll know what I am talking about. Quoting CTC when you talk to someone in India is the norm these days to paint a rosy picture about their own self (nothing wrong with that, though).
If he knows what he is doing and secures a good paying IT job upon landing, coupled with a good percentage of downpayment (>60-75%) towards his own detached house through his million dollars networth, then he can never go wrong in Canada. His life will be much much better than the one in India. He needs to strategize very carefully and calculatedly, by not jumping on the bandwagon on a drop of a hat.
Quote:
12 lakh CTC is not much. That means his take home is 35 % of 12 lakh ie 4 lakh or something pre year. But he must have make good money in real estate.
His disposable income ( if gets more than 80k CAD)will be higher in canada compare to 12lakh job in banglore.
I guess you meant take home is 65%.
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Originally posted by dan
Quote:
12 lakh CTC is not much. That means his take home is 35 % of 12 lakh ie 4 lakh or something pre year. But he must have make good money in real estate.
His disposable income ( if gets more than 80k CAD)will be higher in canada compare to 12lakh job in banglore.
I guess you meant take home is 65%.
My bad. Yes, you're right.
Quote:
Originally posted by dan
Quote:
12 lakh CTC is not much. That means his take home is 35 % of 12 lakh ie 4 lakh or something pre year. But he must have make good money in real estate.
His disposable income ( if gets more than 80k CAD)will be higher in canada compare to 12lakh job in banglore.
I guess you meant take home is 65%.
Oh no I do mean 35%.
the pay package that software companies give is in the form of COST TO COMPANY
The basic is very less.
Corporates add transpostation, local food facilites cost in the offer package .
Also govt funded pension plan needs to be cut. that amount is deposited to be get at retirement
The yearly bonus is added (under subject to conditons) . Most of the time get less than what is 100%
Bascially remove 30% component
Now 12 lakhs become 8 lakhs
Now on this 8 lakhs ,govt of india put 35/30% income tax
The amount become 5 lakhs
Now ask someone living with family with small kids whoese education expanense that have not started as yet in full flow. He will try to run from expansive city like banglore with 15% inflation.
One can imagine, with no social safetly net despite giving so much tax to Govt. I mean no help from govt in medical or school education cost. Person is bound to look at migrating to west option.
One advantage in west is that your educated spouse too have potential to earn good money which may not be case in india (unless she/he is not a software/finacal professional).
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infocan
Quote:
Originally posted by infocan
Quote:
Originally posted by dan
Quote:
12 lakh CTC is not much. That means his take home is 35 % of 12 lakh ie 4 lakh or something pre year. But he must have make good money in real estate.
His disposable income ( if gets more than 80k CAD)will be higher in canada compare to 12lakh job in banglore.
I guess you meant take home is 65%.
Oh no I do mean 35%.
the pay package that software companies give is in the form of COST TO COMPANY
The basic is very less.
Corporates add transpostation, local food facilites cost in the offer package .
Also govt funded pension plan needs to be cut. that amount is deposited to be get at retirement
The yearly bonus is added (under subject to conditons) . Most of the time get less than what is 100%
Bascially remove 30% component
Now 12 lakhs become 8 lakhs
Now on this 8 lakhs ,govt of india put 35/30% income tax
The amount become 5 lakhs
Now ask someone living with family with small kids whoese education expanense that have not started as yet in full flow. He will try to run from expansive city like banglore with 15% inflation.
One can imagine, with no social safetly net despite giving so much tax to Govt. I mean no help from govt in medical or school education cost. Person is bound to look at migrating to west option.
One advantage in west is that your educated spouse too have potential to earn good money which may not be case in india (unless she/he is not a software/finacal professional).
Indeed this is really new to me and how this compensation works over there. Good post infocan. First, the 30 % tax is really high. And the inclusive cost the way you described it seem to be rather strange ie transportion and food etc.included. Medical insurance though I am sure is provided by the company or one can purchase it privately.
Do companies there provide housing or pay for it ?
JRF, may be if this guy takes a peek at this topic on this forum he may be in a position to make an informed decision.
I came to Canada in 2009. Both I and my wife had jobs beforehand and we had been working in the UK for past 4-5 years.
But we ain't IT Delivery Managers. We are Java, .NET, Sharepoint,Oracle, SQL Server, 10+ years. I do feel that this is where we were lucky.
Seriously, delivery or even project managers from India; I have my doubts. IT delivery management is also about managing people, and here it is about managing a group of desi, Chinese, Russian, European; unlike dealing with a bunch of fresh out of college grads in India.
But I may be completely wrong. Seniors advice!
I agree . The work culture and client / team management could be direct & different .
But I m also assuming that the said person would have worked in a cross country environment there as well and as for other jobs would just need to go through and adaptation phase .
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Fido.
